Stock Market & Financial Investment News

IEA lowers world oil demand forecast for 2013, Economic Times reportsThe International Energy Agency reduced its world oil demand forecast for 2013, based on continuing fragility in the world economy despite recovery signs in China and the U.S., reports the Economic Times. The IEA said the marginal cut of 85,000 barrels a day was in line with the prospect for slower economic growth forecast by the IMF, which cut its world growth estimate for 2013 to 3.5% from 3.6%. The agency's forecast for oil demand is 90.7M barrels per day, with the euro zone and Latin America accounting for much of the revisions. Reference Link

USW to expand ULP oil strikeThe United Steelworkers, USW, announced that it will expand its unfair labor practice strike, ULP, by launching a work stoppage tonight at midnight at the Motiva Enterprises refinery in Port Arthur, Texas. This refinery, a 50-50 joint venture between Shell Oil Company and Saudi Refining, produces more than 600,000 barrels per day. In addition, 24 hour strike notices were delivered at Motiva’s two Louisiana refineries in Convent and Norco as well as at the Shell Chemical plant in Norco. Capacity at these facilities is 235,000 and 238,000. These refineries are also jointly operated by Royal Dutch Shell and Saudi Refining, Inc. of Saudi Arabia. “The industry’s refusal to meaningfully address safety issues through good faith bargaining gave us no other option but to expand our work stoppage,” said USW International President Leo W. Gerard. Publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A) and Total (TOT). Reference Link

U.S. judge rejects BP request for lower fine per barrel, Reuters saysU.S. District Judge Carl Barbier has rejected BP's request for a maximum fine of $3,000 per barrel, upholding the maximum penalty of $4,300 per barrel, reports Reuters. The decision means the total fine for BP could reach $13.7B, though it is still unclear when a final decision will be reached. BP spokesman Geoff Morrell stated the company is considering its legal options. Reference Link